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Have you considered that the chart merely shows the value of gold in US dollars, and that it could be, this time, that the US dollar is the speculative bubble that has been bursting for some time now.

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It has two lines, one is for prices adjusted for inflation (the blue line), the other (the yellow line) is with absolute prices.

Inflation rate doesn't properly reflect the change in the value of the US dollar. A better line would be one adjusted for the growth in money supply.

Inflation is the proper measure. The chart might not say what you want it to but that's not it's fault.

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